How To Formulate A Business Plan

How To Formulate A Business Plan-61
As you develop your Summary you will naturally focus on the issues that contribute most to potential success.If your concept is too fuzzy, too broad, or too complicated, go back and start again.

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Many people see writing a business plan as a "necessary evil" required to attract financing or investors.

Instead, see your plan as a no-cost way to explore the viability of your potential business and avoid costly mistakes. If your Summary cannot clearly describe, in one or two pages, how your business will solve a particular problem and make a profit, then it's very possible the opportunity does not exist--or your plan to take advantage of a genuine opportunity is not well developed.

So a solid business plan should be a blueprint for a successful business.

It should flesh out strategic plans, develop marketing and sales plans, create the foundation for smooth operations, and maybe--just maybe--convince a lender or investor to jump on board.

that your idea for a business is not just a dream but can be a viable reality.

Entrepreneurs are by nature confident, positive, can-do people.After all, some entrepreneurs succeed without writing a business plan.With great timing, solid business skills, entrepreneurial drive, and a little luck, some founders build thriving businesses without creating even an informal business plan.Think of it as a written elevator pitch (with more detail, of course).Your Summary describes the highlights of your plan, includes only the most critical points, and leaves out less important issues and factors.A joint venture is a formal agreement to share the work--and share the revenue and profit.As a new company, you will likely be an unknown quantity in your market.Our primary strategy is to develop Blue Mountain Cycle Rentals as the most convenient and cost-effective rental alternative for the thousands of visitors who flock to the area each year.Once underway we will expand our scope and take advantage of high-margin new equipment sales and leverage our existing labor force to sell and service those products.For many entrepreneurs, developing a business plan is the first step in the process of deciding whether to actually start a business.Determining if an idea fails on paper can help a prospective founder avoid wasting time and money on a business with no realistic hope of success.

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